Tuesday June 30, 05:00 AM
China hikes fuel prices as crude costs rise
SHANGHAI (AFP) - China has announced its second gasoline and diesel price hike in a month, reflecting more expensive crude prices internationally.
The average maximum retail price for gasoline was increased by 8.7 percent to 7,530 yuan (1,100 dollars) per tonne on Tuesday, according to a statement from the National Development and Reform Commission, the top planning agency.
The price for diesel was raised by 9.7 percent to 6,790 yuan per tonne, the statement said.
The increase comes after a rise of six to seven percent in gasoline and diesel prices on June 1.
The hike was "in line with the improved fuel pricing system and the recent movements in international oil prices", it said.
It is the fourth rise since China announced a new fuel pricing system towards the end of 2008.
The new system aims to bring domestic prices closer in line with international crude oil costs, in part to help refiners profitability.
Crude oil futures plunged from record highs of more than 147 dollars in July 2008 to about 32 dollars in December as the economic downturn hit energy demand. But prices have since clawed back from lows due to recovery hopes.
In early Asian trade Tuesday, New York's main contract, light sweet crude for August delivery, was 1.08 dollars higher at 72.57 dollars a barrel, while Brent North Sea crude had jumped 1.21 dollars to 72.20.
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